Ayala Land exchanges properties for AREIT shares.

AYALA Land, Inc. (ALI, P38.30, Neutral) has finalized the deed of exchange for the property-for-share swap transaction with its real estate investment trust AREIT, Inc. (AREIT, P35.65, Neutral), both listed firms said on Wednesday. Ayala Land and its subsidiaries, Westview Commercial Ventures Corp. and Glensworth Development, Inc., would receive 483,254,375 main common shares of AREIT at P32 per share in return for Ayala Land’s assets, which are valued at P15.46 billion in total. The shares will come from AREIT’s authorized capital stock, which it hopes to increase from P11.74 billion to P29.5 billion pending clearance from the Securities and Exchange Commission (SEC). “Following the execution of the deed of exchange, the involved parties will submit to the SEC within a month the application for the increase in authorized capital stock, and the property-for-share swap, specifically the request for confirmation of valuation and exemption from registration,” Ayala Land and AREIT stated in their disclosures. This will increase AREIT’s portfolio to 549,000 sq.m from 344,000 sq.m.

Prime Infra expands its water business with an appearance at the MWC.

Prime Infrastructure Holdings Corp. (Prime Infra) announced that subsidiary Trident Water Co. Holdings Inc. has acquired a majority position in east zone water concessionaire Manila Water Co., Inc. (MWC, P15.00, Neutral) “The purchase of a majority position in Manila Water, a key player in the region’s water and wastewater sector, is a critical milestone in our efforts to build our firm and capture future demand both in the local and international markets,” Prime Infra President Guillaume Lucci said. The business said that acquiring ownership of Manila Water and its Wawa Bulk Water Supply Project in Rodriguez, Rizal, strengthens its position as the country’s foremost bulk water provider and distribution utility operator. Furthermore, Prime Infra said that its management team would collaborate with current Manila Water owners to identify growth prospects in the Philippines and other nations. “Manila Water, in addition to being the biggest publicly-traded water firm in the Philippines, has a presence in four other nations.

Lepanto’s losses shrink in the first quarter.

Listed Lepanto Consolidated Mining Co. (LC, P0.159, Speculative Buy) reduced its net loss in the first quarter to P63.2 million from P214.4 million in the same period in 2020 owing to fewer costs and expenditures. In a financial report filed with the Philippine Stock Exchange, Lepanto said that consolidated revenues fell 10% to P407.6 million from P451.7 million. Metals sales revenue fell to P405.9 million from P422 million. Lepanto reported that metal output in the form of bullion was 4,503 ounces of gold and 23,084 ounces of silver. When copper activities were halted in March 2020, metal output in the form of ore and gold-copper concentrate totalled 4,633 ounces of gold, 11,358 ounces of silver, and 618,442 pounds of copper “Lepanto said. The gold price averaged $1,778.96 per ounce, up from $1,559.43 per ounce in the same time previous year. Average silver prices rose to $26.18 per ounce in the first quarter of 2020, up from $17.44 per ounce in the first quarter of 2019. Meanwhile, Lepanto claimed a 28 percent drop in overall costs and expenditures at P465.5 million.

MARC expects increased output: MARC expects to increase its nickel ore exports to 2.035 million WMT in 2021 (+17 percent), up from 1.732 million WMT in 2020 (+21 percent). The capex for 2021 was set at P27.6 million.

SMC goes all-in on Pasig River cleanup: SMC has more than increased its five-year budget for Pasig River rehabilitation to P2 billion. Each month, the goal is to remove 50k MT of garbage from the Pasig River. SMC is now working on a P1 billion cleaning of the Tullahan-Tinajeros River, which was initiated last year to aid in the rehabilitation of Manila Bay.

ACEN transfers advances to equity in unit: ACEN converted P680 million in advances to fully-owned One Subic Power Generation Corp. to 33.49 million common shares. Bulacan Power Gen. owns 100 percent of One Subic Power, which is likewise 100 percent controlled by ACEN and operates a 116MW diesel power plant.

Ex-date 11 June 2021: BDO P0.30, due 25 June; HLCM P0.43, payment 30 June.


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